Viper Energy Partners LP (VNOM) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $20.65 million, or $ 0.22 a share in the quarter, against a net loss of $23.34 million, or $0.29 a share in the last year period.

Revenue during the quarter surged 137.09 percent to $33.65 million from $14.19 million in the previous year period. Gross margin for the quarter expanded 18 basis points over the previous year period to 99.58 percent.

Operating income for the quarter was $21.45 million, compared with an operating loss of $23.10 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $29.93 million compared with $12.23 million in the prior year period. At the same time, adjusted EBITDA margin improved 278 basis points in the quarter to 88.94 percent from 86.16 percent in the last year period.

"Viper announced its largest distribution in Company history as it continues to benefit from increasing activity levels across its mineral acreage located in the most prolific areas of the Permian Basin. With production year-to-date exceeding expectations, along with recent acquisitions, we have the conviction to raise the midpoint of our full year production guidance by 9% and expect to achieve annualized production growth of 40% in 2017," stated Travis Stice, chief executive officer of Viper's general partner. Mr. Stice continued, "Viper ended the first quarter with net cash and ample liquidity after completing 28 deals for $8.4 million in the first quarter. We will continue to be active in looking for accretive mineral opportunities that will allow us to grow production and distributions for our unitholders."